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Govt relaxes cash withdrawal limits from ATMs and banks

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Citizens will now be allowed to withdraw  Rs 2,500 at ATMs from the earlier limit of Rs 2000, the finance ministry said in press release.

– Banks have also been advised to increase the exchange limit over the counter from the existing Rs 4000 to Rs 4500.
– The weekly limit of Rs 20,000 for withdrawal from bank accounts has been increased to Rs 24,000. The limit of Rs 10,000 per day has been removed.
– The ministry also said that banks have been advised to increase the business correspondents (BC) limit of dispensing cash to Rs 2500 for withdrawal from bank accounts.

However, it needs to be pointed out that Rs 2,500 limit will apply only on ATMs which have been reset and can dispense Rs 500 and Rs 2000 notes.

The finance ministry relaxed withdrawal limits at banks and ATMs after reviewing the demonetization drive. The ministry added that in four days since the demonetization drive, Rs 3 lakh crores of old Rs 500 and Rs 1000 bank notes have been deposited in the banking system and about Rs 50,000 crores has been dispensed to customers by either withdrawal from their accounts or withdrawal from ATM’s or by exchange at the counter.

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Within four days, the banking system has handled about 18 crore transactions.

Mobile banking vans

The government has also advised all Banks to arrange mobile banking vans at major hospitals to carry out emergency banking transaction for patients. This was enacted following a number of reports where some business houses which included hospitals , caterers , tent houses etc were not accepting Cheques/Demand Drafts and online payment transfer from customers.

Mobile wallet usage continues to increase 

Meanwhile, mobile wallets have continues to see a huge spike in usage. Paytm recorded 5 million transactions a day and is said it will be processing over Rs 24,000 crore.  The company registered a 700% increase in overall traffic and 1000% growth in the amount of money added to the Paytm account over the last couple of days. During this period, the transaction value continued to be 200% of the average ticket size while the number of app downloads went up 300%. The number of transactions per user also went up from 3 transactions to over 18 transactions in a week.

Meanwhile MobiKwik said that it saw a whopping 2000% increase in add money and transaction value. MobiKwik’s average ticket size for offline transactions rose to Rs 3000 yesterday from Rs 1300-1500. 

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Freecharge reported a sharp 12X overnight jump in the average wallet balance as consumers loaded up their wallets to face a cashless day on Thursday.

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